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(1) The approved trustee of a scheme or schemes shall within thirty days  after  preparing a report submit the report to

(a) the auditor of the scheme if the report relates to only one scheme;

(b) the auditor of the relevant scheme if the report relates to two or more schemes  and the trustee specifies the financial period of one of the schemes to which the report relates as the relevant period nominated under regulation 91 (1) (b); or

(c) the auditor of the trustee if the report relates to two or more schemes and the financial year of the trustee is the relevant period nominated under regulation 91 (1) (b).

(2) The approved trustee shall give the auditor sufficient time to enable the auditor review the trustee’s report and the auditor shall submit the reviewed report to the trustee on time to enable the trustee to submit a report to the Authority.

(3) The auditor shall review the trustee’s report and shall in writing to the trustee  state

(a) whether or not the trustee established and maintained appropriate control objectives for the scheme during the period to which the report relates; 

(b) whether or not effective internal control measures were established and maintained for the purpose of achieving those objectives;

(c) whether or not the internal control measures, if any were likely to have been sufficiently effective to provide a reasonable assurance that the control objectives established and maintained for the scheme would be achieved if those measures were fully and properly implemented; and

(d) Whether or not, in the course of reviewing the trustee's report, the auditor became aware of any shortcomings in the internal control measures that could materially affect the operation of the scheme including its financial position or the financial interests of scheme members and specify the shortcomings.